Power to make bye-laws enables recognised associations to regulate forward contracts subject to central government approval. Section 11 authorises a recognised association, with prior Central Government approval, to make bye-laws regulating forward contracts. Bye-laws may cover market hours, clearing house operations, classes of contracts for clearing, settlement days, market-rate declarations, contract terms and margin requirements, performance and default consequences, admission or prohibition of goods, dispute settlement including arbitration, fees and penalties, brokerage scales, regulation of bargains and price fluctuations, trading limits and member record obligations. Bye-laws may specify contraventions that void or make contracts illegal and may impose fines, suspension, expulsion or other non-monetary penalties; they require prescribed publication and government approval, subject to exemption in the public interest.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Power to make bye-laws enables recognised associations to regulate forward contracts subject to central government approval.
Section 11 authorises a recognised association, with prior Central Government approval, to make bye-laws regulating forward contracts. Bye-laws may cover market hours, clearing house operations, classes of contracts for clearing, settlement days, market-rate declarations, contract terms and margin requirements, performance and default consequences, admission or prohibition of goods, dispute settlement including arbitration, fees and penalties, brokerage scales, regulation of bargains and price fluctuations, trading limits and member record obligations. Bye-laws may specify contraventions that void or make contracts illegal and may impose fines, suspension, expulsion or other non-monetary penalties; they require prescribed publication and government approval, subject to exemption in the public interest.
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